Essel Group Middle East (EGME) through its affiliate Interu Mining and Trading has acquired Bada Potash Exploration Licence in Danakil Depression, Eritrea, for an undisclosed amount, according to a press release.
This licence area is 150 kilometres Southeast of the capital city of Asmara.
"We have broadened our mining portfolio with the acquisition of key assets in Eritrea. These mines are rich in potash and sylvite deposits," commented Gagan Goel, MD, Essel, Africa.
"The Bada licence area offers several significant advantages; along with being a rich source of the mineral itself, its proximity to mass transit points is favourable as well," he added.
Earlier this year, EGME acquired oil reserves in the sub-Saharan region also.
Two month back, Essel Group signed an agreement with Canadian firm Simba Energy Inc to pick 60 per cent stake in its African oil and gas exploration projects for an undisclosed amount.
Recently Essel Group signed an agreement with the Rajasthan government to set up 5 GW of solar power capacity. The solar parks will be set up in Bikaner and Jaisalmer with an investment of Rs 4,000 crore in which both Essel and Rajasthan government will have 50 per cent stake each.